BUS3061 Accounting Quiz

1. Which of the following statements about users of accounting information is incorrect?

2. Net income will result during a time period when:

3. Which of the following events is not recorded in the accounting records?

4. Which financial statement reports assets, liabilities, and equities?

5. Debits:

6. The purchase of supplies on account should result in:

7. The cash flow statement classifies cash receipts and payments by these activities:

8. Cash dividends paid to stockholders are classified on the statement of cash flows as:

9. Which of the following is an example of a cash flow from an investing activity?

10. Which of the following transactions is an example of a cash flow from an operating activity?

11. Which of the following items is an example of a current liability?

12. Which of the following items is not considered a long-term asset?

13. All of the following items are examples of temporary accounts except:

14. Which of these ratios is used to calculate a firm’s solvency?

15. What is the term for the ratio of cash dividends divided by net income?

16. Which of the following measures is an evaluation of a firm’s ability to pay current liabilities?

17. Which of these ratios measures the profitability of assets before the impact of borrowing?

18. Which of the following actions does not represent an excellent internal control or procedure to ensure integrity?

19. What is the term for the accounting convention that specifies that expenses should be recognized to match the time when associated revenues are recognized?

20. Which of the following items is an example of a deferrable expense?